Cobra's Market View

NYMO down to -98
NAMO down to -54

The end-of-day selloff was not sector-specific, it included gold & silver which have been rocketing lately - this leads me to conclude that a pullback in the general market/s will follow.

My pattern-based projection for QQQ is $580-$620 December 2024 to March 2025 range.

Based on NYMO NAMO patterns, there should be one more down (selling this rally) before sustained upside. I don't think bears have much left in them, election year and all that jazz... Plus covert QE pumping, the false front must be kept up. NYMO NAMO typical action is a "W" bottom, even fr...

NDX needs to stay out of the downtrend channel otherwise sell your kidneys and buy puts.

Cobra wrote:Still, one down day doesn't mean anything, I'll need see a strong bear follow through tomorrow first and again since it's bear, typically they would be disappointed, typically.

Higher volume today though.

Doji today could mean either reversal or continuation, so will need see tomorrow. The market held better than the sell off on bad inflation data the previous time (red arrow). What do you mean by held better ? Last time sell off was "only 4,97%" and now it was 5,89% - sell off is stronger...

NYMO down 29 points to -67.42, slightly off the day’s low.
NAMO down 18 points to -55.66, just below this week’s low.

Markets are closed now, the ‘official’ print should be out in the next couple of hours, but will be pretty close to this.

NAMO

NYMO

So a drop into FOMC means a pop after?

Current Weekly NDX chart, looks to be same type of test/retest from 12,000 area that is going on now with 14,000.

Al_Dente wrote:BULLISH:
The Architecture Billings Index is a leading indicator primarily for new Commercial Real Estate because FIRST you hire and bill an architect, then you get your building permits, then etc.

Cobra wrote:The same. Breakout on the downside.

aie caramba!!

Cobra wrote:The breakout if indeed, this time might be for real.

breakout or breakdown?

QQQ has SMH up but IBB down, this is keeping the index neutral with mega-cap FANG stuff not participating.